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Attention is invited to Paragraph 7.7 of Exim Policy, 1997-2002 according to which a Duty Free Licence and the relevant DEEC Book shall specify the aggregate CIF value of imports alongwith other details. A number of representations have been received from various exporters to clarify whether in the Duty Free Licence/DEEC Book issued after 1.4.97 in terms of Para 7.7 of Exim Policy, 1997-2002, each item of import should specify the value limit or not.
Attention is invited to ALC Circular No. 16/95 dated 1.8.1995 wherein it was clarified that as far as Special Rupee Escrow Accounts in the names of Russian entities were concerned,Advance Licence shall be permitted, subject to the condition that the export order has been placed and the L/C has been opened by the A/c holder directly in favour of the Indian exporter and payment is also received by the Indian exporter directly from the Account holder.
Capital goods including jigs, fixture, dies and moulds may be imported at a concessional rate of Customs duty subject to export obligation to be fulfilled over a period of time as per table given below. In addition, spares upto 20% of the CIF value of the capital goods may also be imported under the scheme.
In supersession of Public Notice No. 31 dated 12.8.1997 it has been decided that the Roller Flour Mills can freely import wheat under Actual User condition directly or through State Trading Corporation of India Limited (STC), Projects Equipments Corporation (P.E.C.) and Minerals & Metals Trading Corporation of India Limited (M.M.T.C.), to meet their own requirements for milling purposes only.
